Aussie bank plans UK expansion

THE Australian bank recently given the brush-off by Abbey National has vowed to step up its expansion in Britain. National Australia Bank chief executive Frank Cicutto said the bank would invest significantly in Britain through its MLC wealth management business. He refused to be drawn on possible acquisitions.

Earlier this year NAB, which owns the Clydesdale, Yorkshire and Northern banks and National Irish Bank in Ireland aggressively wooed Abbey.